In the 2024/2025 financial year (1 October 2024–30 September 2025), the strategic objectives for the SPSS IFC were fully achieved and even exceeded in key areas. Income stabilised at a high level, while the cost base was further optimised. At the same time, the loan-to-value ratio was reduced significantly – from 40.7% to 26.3%, – resulting in a sustainably stronger balance sheet structure. The oversubscribed capital increase in March 2025 and the outperformance of the SWIIT index by 15.9 percentage points since its launch reflect the high level of investor confidence in the SPSS IFC and underscore the fund’s high attractiveness on the market.
Strong operating performance and targeted portfolio development
Total income increased by 14.9%, while total expenses fell by 12.6%. This development led to a significant 37% increase in net income to CHF 17.2 million. Vacancies stabilised at below 2%, highlighting the attractiveness and strong rentability of the properties. The EBIT margin increased from 76.3% to 79.4%. The property portfolio grew by CHF 32 million to CHF 463 million in the reporting year.
Strong operating result and steady increase in distributions
The financial year closed with a cumulative return on investment of 6.4%, representing a significant increase on the previous year (4.6%). This figure comprises a cash flow yield of 5.8% and capital growth of 0.6%. Due to the strong operating result, the dividend per unit certificate was increased to CHF 5.00 for the third time in succession (previous year: CHF 4.90) while maintaining a payout ratio of 87%. The dividend target was thereby exceeded once again. The distribution will be paid out on 28 November 2025 (ex-date: 26 November 2025).
Active portfolio management with a focus on quality
As part of targeted reallocations in the property portfolio, properties with lower returns were sold and higher-yielding ones acquired. The allocation was consistently aligned with the defined target ranges and will strengthen the earnings base in the long term. In the reporting year, two light industrial properties in Untersiggenthal and Dietikon were acquired for a total of CHF 48 million. At the same time, two properties in Dietikon and Burgdorf were sold at a profit for around CHF 26 million.
Effective sustainability measures: significant reduction in consumption figures
The SPSS IFC also made further progress in the area of sustainability in the 2024/2025 financial year. CO₂ emissions intensity was reduced by 7% compared with the previous year, as a result of targeted investments and operational measures. In addition, the GRESB rating was upgraded from three stars to four, confirming the impressive progress being made in the area of ESG (environmental, social, governance). The fund management company continues to pursue a consistent sustainable investment policy in which ESG criteria are an integral component of the investment and management processes.
SWIIT outperformed by 15.9%
The SPSS IFC has delivered impressive returns since its launch. The fund has outperformed the index of Swiss real estate funds listed on the stock exchange (SWIIT) by 15.9 percentage points, with the index rising by 10.4% in the same period. The strength of the fund is also evident in the current market environment. The over-the-counter price of the unit certificates rose from CHF 98.00 to CHF 111.00 in the financial year, which corresponds to a premium of 6.5% on the net asset value.
Stock exchange listing on 9 December 2025 and outlook
On 9 December 2025, the SPSS IFC will be listed on the SIX Swiss Exchange and traded under the ticker symbol «IFC». This step will also give private investors access to the high-yield fund in the future. The fund management company believes the current market environment and the consistently strong results provide an ideal basis for a successful listing. It will continue to pursue the selective growth strategy with a focus on high-yield properties. The focus will remain on generating high net revenue per unit certificate as a key indicator of sustainable investment success.
Fund profile
The Swiss Prime Site Solutions Investment Fund Commercial (SPSS IFC) gives investors access to an attractive portfolio of high-yield Swiss commercial properties. Until the listing on 9 December 2025, the fund is open exclusively to institutional investors – with the conversion into a mutual fund, it will also be accessible to private investors. The focus is on high-yield commercial properties in economically robust locations throughout Switzerland. The fund strategy is based on broad diversification, high cash flow stability and strong risk/return profiles. The aim is to generate reliable returns and secure regular, attractive distributions for investors. SPSS IFC is the direct owner of the real estate; as such, taxes on income and capital gains are pre-paid by the fund itself, making them tax-free to investors (private and business assets) resident or domiciled in Switzerland.
Detailed information and presentation
A recording of the presentation on the 2024/2025 Annual Report is available here. Further information can be found on our website.
